NEW YORK, April 30 /PRNewswire-USNewswire/ -- As New York State Attorney General Andrew Cuomo continues his probe into questionable practices of universities and college lenders, a new survey reveals that 63% of those with college debt spent "little or no time" comparison shopping for student loans and 78% spent less than a day researching their financing options.
"Attorney General Cuomo's charges that many colleges are steering students to 'preferred' lenders have brought national attention to this country's real student loan crisis: the stress and uncertainty faced by students and families burdened with the high cost of college," Khalfani says.
"With the average graduate from the class of 2007 owing $20,000 in college loans, student loan debt is an enormous national dilemma that needs to be addressed," Khalfani adds. "And while we wait for the next shoe to drop in Cuomo's investigation, students and parents need to know what questions to ask before accepting financial aid packages or co-signing for student loans in order to make smart financing choices."
Graduation season is a stressful time for new graduates who have to soon start repaying student loans, and for those who are trying to figure out how to afford the rising cost of education. The majority of the over 400 respondents surveyed (53%) said they were more worried about student loan debt than they are about credit card debt (47%).
Other highlights of the AOL Coaches survey: -- For half (49%) of those surveyed, their student loan and credit card debt was higher than their current annual salaries. -- 60% said they experience anxiety and sleepless nights because of student loans. -- Among respondents over 35, 62% said they are still paying off student loans. -- College grads are saddled with student loan debt well into their mid- 30s and 40s, causing 44% of them to put off saving for their children's college education. -- 28% reported that they accumulated more than $50,000 in student loan and credit card debt during college. Only 1 in 10 said they left college debt free.
Khalfani is a former Wall Street Journal reporter and CNBC correspondent who speaks from first-hand experience. In Zero Debt for College Grads she reveals that she once had $100,000 in credit card debt and nearly $40,000 in student loans. She offers tips on selecting the best loans and reveals the pros and cons of using federal and private lenders. The book also discloses little-known strategies and programs to eliminate student loans, drastically slash credit card bills, and lower every day living expenses.
Zero Debt for College Grads is the sequel to Lynnette Khalfani's New York Times bestseller, Zero Debt: The Ultimate Guide to Financial Freedom. She has shared her secrets of digging -- and staying -- out of debt on "The Oprah Winfrey Show," "Dr. Phil," "The Tyra Banks Show," "The Rachel Ray Show," "Tavis Smiley," and "Starting Over."
About AOL Coaches:
AOL Coaches is an interactive resource that provides practical advice from America's leading experts for all facets of life including wellness, diet & fitness, love and relationships, kids & family, money and business career.
About AOL:
AOL is a global Web services company that operates some of the most popular Web destinations, offers a comprehensive suite of free software and services, runs the country's largest Internet access business, and provides a full set of advertising solutions. A majority-owned subsidiary of Time Warner Inc. AOL LLC is based in Dulles, Virginia. AOL and its subsidiaries also have operations in Europe, Canada and Asia. Learn more at AOL.com.
AOL; Zero Debt for College Grads
